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Brisbane leads growth forecasts in the apartment market

first_imgUnit statistics and forecast upcoming settlements by GCCSA. Source: CoreLogic.The sheer volume of supply yet to be completed has troubled some experts given a lot of stock was yet to settle.“We’re already seeing stories of people finding it difficult to settle, with valuations not coming in at contract price,” Mr Kusher said, “and a lot of properties are owned by investors so trying to rent them out would be quite difficult as well.”Early indications were that the situation could prove a boon for certain types of buyers, with Mr Kusher expecting product discounting and better owner-occupier designs to appeal to downsizers, first-time buyers and hipsters.“There’s more demand for housing in the city and developers are changing the product offering somewhat because the new rules are that you can’t sell more than 50 per cent offshore. So they have to be more mindful of local buyers’ needs.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25 Brisbane is expected to lead the capitals out when it comes to percentage growth in unit supply over the next two years. Picture: iStockBRISBANE will lead unit supply growth across the major capitals — with a massive 18.4 per cent surge in apartment numbers, new research has found.The figures from the latest settlement risk analysis by CoreLogic cover a two-year period, during which Brisbane was expected to see a potential 36,057 more units off a base of 196,414 current apartments. In contrast, Greater Sydney was expected to see supply grow by 9.3 per cent with Greater Melbourne to push 11.5 per cent.The biggest push was coming from the Brisbane Inner subregion which was expected to see more units supplied in the next two years (9,732) than even the Sydney Inner City (7,202) and Melbourne City (8,040), according to research by CoreLogic analyst Cameron Kusher. Houses are in high demand in Brisbane with its median price rising 1.3 per cent in the past year to $538,693. Picture: AAP Image/Darren England.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoRiskwise Property Research estimated the average unit size in Brisbane was already bigger than all other capitals at 113 sqm (Sydney 93.2 sqm and Melbourne 94.9 sqm), with the price per sqm significantly less than southern powerhouses ($3,414.25 versus $8,227.07 in Sydney and $5,843.74 in Melbourne).Riskwise chief executive Doron Peleg expects tough times ahead for developers, given Queenslanders were generally both fond of houses and aware of the supply issues.What the situation did offer, he said, was the opportunity to “rentvest”, buying cheaper houses in outer suburbs and living in the inner city.“Currently there are a lot of bargains. Obviously there are a lot of opportunities in the market.”His concern was that the number was too big for the market to absorb in just two years.“Currently what we see is prices of off-the-plan property going down by 10 to 20 per cent, a reduction in dwelling commencements, and it will take two to three years until the properties will be absorbed into the market.” Top 25 SA3 regions for forecast new units over the next two years. Source: CoreLogic.Australian Bureau of Statistics data released Thursday pointed to a cooling housing market, with building approvals in July down 5.6 per cent nationally, with NSW (-5.2 per cent), Victoria (-4.6 per cent), Queensland (-6 per cent), South Australia (-26.5 per cent) and Western Australia (-14.7 per cent) all in negative.According to Mr Kusher the new growth figure for Brisbane units was a more muted level than just a year ago.“That growth is high at 18.4 per cent but about 12 months ago it was 25-26 per cent on overall supply, so it’s starting to reduce.” “A lot of this stuff is already under construction or approval. The trend has been fewer approvals and fewer units under construction. We’re in for a period where we see less projects go ahead because of constraints on funding and demand.” FOLLOW SOPHIE FOSTER ON FACEBOOK last_img read more

Fifa World Cup FIFA World Cup 2018: Messi steals spotlight as Argentina train in Bronnitsy

first_img For all the Latest Sports News News, Fifa World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: Argentina’s FIFA World Cup base camp was heavily crowded by around 400 eager fans to catch a glimpse of Lionel Messi and the star-studded Argentine squad at an open training session. The chants of ‘Messi, Messi’ erupted as the Barcelona forward walked to the pitch for an hour-long practice, with the Argentine skipper stealing the spotlight. Ernesto Lagorio, the Argentine ambassador to Russia was a witness to the training centre, used by several Russian sports teams, on the banks of the River Moscow. “We came to see our national team, it’s the first acquaintance with them, it’s been great,” Lagorio told a leading news agency. “We’ve already been to Bronnitsy several times, we’ve worked a lot with the authorities and the mayor. He’s helped us a lot, it’s been in the works for several months.”Asked whether he would be attending matches, he replied, “I hope to show up until the final match in July.”After several days of chilly temperatures in Moscow, the sun was bright during the training session, with excited locals packing the stands to get a glimpse of the action.Injury had already struck Argentina on the eve of their departure for the tournament, with West Ham midfielder Manuel Lanzini ruled out of the mega event after suffering a serious knee injury. Even the status of Ever Banega for Argentina’s first group game against Iceland on June 16 is under dark clouds after the Sevilla midfielder trained alone.The Messi masks were spotted in the crowd, with others waving Barcelona and Argentina flags to support Messi and co. The five-time Ballon d’Or winner was then mobbed by numerous youngsteres at the end of the session as players stopped to sign autographs and take selfies with the fans. last_img read more